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Greater Giyani Municipality to act against officials involved in VBS 'heist'

The municipality illegally invested at least R160 million with the mutual bank, money which has since been written off with the collapse of the bank.

VBS Mutual Bank logo. Image: Supplied

GIYANI, LIMPOPO – The Greater Giyani Municipality in Limpopo says disciplinary processes are already underway against officials found to be involved in the VBS Mutual Bank saga.

The municipality illegally invested at least R160 million with the mutual bank, money which has since been written off with the collapse of the bank.

Eight municipalities in Limpopo deposited R1.2 billion with VBS.

Residents have since complained about a lack of basic services.

The effects of the VBS scandal appear to be evident, with rural communities saying that municipalities now have no funds to complete projects.

But Greater Giyani Municipal Manager Maxwell Chauke says he has a plan.

“We’ve collected about R10 million from those that owed municipality as part of the recovery plan to ensure that the gap that has been left by this VBS investment is closed.”

He says the chief financial officer and former acting municipal manager have been suspended so far.

He says no one who illegally invested money with VBS will be spared, with internal disciplinary hearings planned.

WATCH: VBS Bank 'heist' halts Greater Giyani Municipality projects